Retirement at 63: application, deductions, old age – experts give tips

• ofAnne Hund

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Many Germans do not want to wait so long until they have reached their regular retirement age. If you would rather quit working sooner, you should know a few things.

Retire relaxed at 63 *: This is definitely an option for many employees. However, it depends on what discounts you may want to accept – but not only that: the experts at Stiftung Warentest give up Test.de an initial overview of what to look out for. Here is a selection of your most important tips for early retirement in brief.

Retire earlier? Entitlement, discounts, age, application

1st claim: “Not everyone has to work until their regular retirement age. With enough contribution years, many can go into early retirement from 63, ”the experts said.

2. Reductions: With at least 45 contribution years one could abschlags­frei – i.e. without a pension reduction – retire earlier. Those who only have at least 35 years, on the other hand, have to expect losses.

3. Alter: The retirement age for the deduction-free pension with 45 insurance years increases for each year, it is said Test.de: “For those born in 1957, it is 63 years and ten months. For the pension with deductions after 35 years of insurance, the age remains 63 years.“

4. Application: The early retirement you have to go to the German pension insurance apply, so the experts. “Make an appointment in your area or during Corona times for telephone or online advice. The pension insurance also advises on retirement and checks yours Claim.“

For further reading: Retirement at 63: This is how much money it costs if you want to retire earlier.

When is it possible to retire – with or without discounts?

5. Retirement: In order to calculate the individual data for the possible start of retirement, there is a first impression Test.de a “Retirement calculator“Where you can enter your date of birth. The result is that in one field Start date for the regular old-age pension displayed, in the next field the Start date of the pension for long-term insured persons (35 insurance years) as well as the indication, what percentage the discounts would amount to the pension in this case. After the calculation, the third field also shows at what point in time the deduction-free pension for those with particularly long-term insurance (45 years of age) begin would.

Special rules apply to people with severe disabilities when they retire, as the experts also explain. “You don’t have to work as long as people without disabilities.”

6. Partial retirement: Lots Establishments would also offer partial retirement, so their advice. For many older employees, this is a conceivable option for a smooth transition from work to retirement. However, there is no legal right to partial retirement.

Also read: Basic pension: First notifications sent from July 2021 – important information for many pensioners.

Consult a professional if you have specific questions

Basically: if you want to know exactly what losses early retirement would mean and which Pension entitlements he would have in a specific case should contact a specialist in good time. The German Pension Insurance can help with many questions. If, for example, the amount of the deductions is concerned, a tax advisor can also sound out when and whether a model is available individually. (ahu) * Merkur.de is an offer from IPPEN.MEDIA.

For further reading: Early retirement with a part-time job: Why it could be worthwhile this year in particular.